Billions in Unclaimed Life Insurance and Other Property

No need to look under sofa cushions to find lost money. Paul Sullivan's Wealth Matters column spotlights unclaimed life insurance proceeds. By one guesstimate, well over $1 billion nationwide is waiting to be claimed.

That's nothing, relatively speaking. Unclaimed property of all sorts, ranging from safe deposit valuables to old paychecks and dividends, adds up to $33 billion or so.

How hard do payers look for potential payees? Not very, judging from this Marketwatch item. With a smidgen of due diligence the Walt Disney Co. might have found an address for Angelina Jolie. Somebody at Apple probably knows Steve Jobs.

Death, followed by amateur executorship, explains why much of the $33 billion in lost property remains unclaimed. A diligent bank executor doesn't work for free, but occasionally a trust department may find as much as it charges.

Know of any good examples? Send them along to Jim Gust.